The patent for fractional cryptocurrency banking has been won by MasterCard and this could mean that there are plans for the management system for fractional reserves of blockchain currency by the company.
MasterCard Blockchain Patent Integrates Existing Traditional Payment Networks with Blockchain Currencies
On 29th June 2018, the patent that was filed refers to “the use of centralized accounts to manage fractional reserves of fiat and blockchain currency updated via transaction messages corresponding to fiat- and blockchain-based payment transactions”.
The essence for such mechanism was elaborated by the inventor, Steven Charles Davis, senior consultant of research and development at MasterCard.
Transactions based on blockchain can be very time consuming due to the processing time, system of the computer and resources needed to confirm and update the blockchain. This therefore creates a problem between merchants and consumers, especially the recipient who “must rely on the payer’s good faith that their transfer will be valid”.
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“In such latter instances, the anonymity of the blockchain may leave the payee at a disadvantage, because the inability for the payee to identify the payer may prohibit the payee from utilizing various risk or fraud detection methods,” the document noted
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Furthermore, it can be problematic for customers to adopt or even understand blockchain currencies, it said, adding that its anonymous nature may leave consumers “unable to prove their identity and ownership of a wallet…little recourse if their wallet and/or associated currency is stolen”.
The objective of the fractional reserve system for blockchain is to advance the storage and processing of transactions by using an existing traditional payment network in combination with blockchain currencies and payment system techs.
There is an argument by the inventor that the integration is able to
“provide consumers and merchants the benefits of the decentralized blockchain while still maintaining security of account information and provide a strong defense against fraud and theft”.
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The procedure for handling fractional reserves of blockchain currency by MasterCard is made up of receiving a transaction notification in relation to a payment transaction; recognizing a particular account profile kept in an account database that includes the particular address, an agreement currency amount and a blockchain currency amount; and bringing up to date the blockchain currency amount included in the recognized exact account profile.
“Junk” was the word used by the President and CEO of MasterCard, Ajay Banga, recently when referring to cryptocurrencies. The speech he gave also tackled the huge market instability and the popularity among criminals. He further argued that digital assets don’t deserve to be considered as a medium of exchange. Meanwhile, in the company’s Ireland-based subsidiary, much research and development has been done in regards to blockchain to improve payments services.
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